XRP Whale Outflows to Lowest in Five Years as Large-Scale Accumulation Demand Weakens

Whale accumulation of XRP has shrunk to its weakest level in the past five years, according to an on-chain analysis.

On Oct. 20, on-chain analyst Darkfost wrote on X that the 90-day moving average of XRP flowing from Binance to whale wallets had fallen to about $49.7 million. That is the lowest level since October 2021.

Large transfers from exchanges to external wallets are typically used as a gauge of whale accumulation.

According to Darkfost, XRP whale outflows rose to about $3.5 billion on a 90-day moving average basis in February 2025. At the time, daily outflows exceeded $10 billion on several occasions.

Since then, whale outflows have continued to decline, falling to their lowest level in five years. Darkfost wrote that whales' interest in XRP is gradually fading and that they may be waiting for a price level attractive enough to re-enter.

He also said XRP's relatively resilient price performance during the current bear market helps explain the slowdown in accumulation. Prices may not have fallen far enough to trigger the kind of large-scale buying seen in 2022 and 2023.

Darkfost added that over the long term, XRP could face insufficient buy-side trading volume if whale demand does not return. He also said trend reversals sometimes occur when trading volume and market interest have both fallen sharply, making it difficult to determine XRP's future price direction based on this indicator alone.